City Union Bank Fixed Deposit Interest Rate

City Union Bank Fixed Deposit Interest Rate

The bank, ‘The Kumbakonam Bank Limited’ as it was then called was incorporated as a limited company on 31st October, 1904. The first Memorandum of Association was signed by twenty devoted and prominent citizens of Kumbakonam including Sarvashri R. Santhanam Iyer, S.Krishna Iyer, V.Krishnaswami Iyengar and T.S.Raghavachariar. T.S.Raghavachariar was the First Agent of the Bank.  In 1908, he was succeeded by Shri R. Santhanam Iyer who became the Secretary of the bank under the amended Articles of Association which created the office of a Secretary to be in charge of the Bank’s Management in the place of the Agent, which post he held till his death in 1926. He was succeeded by Shri. S. Mahalinga Iyer as Secretary who subsequently became the First full-time Managing Director of the bank in tune with the amendment of Articles in 1929.  He held the position of Secretary from 1926 to 1929 and that of Managing Director from 1929 to 1963.

The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur. The first Branch of the Bank was opened at Mannargudi on 24th January 1930.  Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a span of twenty five years.  The Bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22nd March 1945.

The Bank celebrated its Golden Jubilee on 14th November, 1954 at Kumbakonam under the Presidentship of Shri.C.R.Srinivasan, Editor, ‘Swadesmitran’ & Director, Reserve Bank of India.

In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited and in the process annexed to it the five Branches of Common Wealth Bank Limited at Aduthurai, Kodavasal, Valangaiman, Jayankondacholopuram and Ariyalur.

In 1963,  Shri. R. A.Venkataramani Iyer took charge as the Chairman of the Bank which position he held up to 1969.

DOMESTIC TERM DEPOSITS (Including MSD) from 01.10.2013

Period

Rate of Interest % pa

GeneralSenior Citizen
7 days to 90 days7.50%7.50%
91 days to 180 days7.75%7.75%
181 days to 270 days7.85%7.85%
271 days to 364 days9.00%9.00%
1 year & above and upto 2 years9.50%9.75%
Above 2 years &  upto 5 years9.25%9.50%
Above 5 years & upto 10 years9.00%9.25%
Tax Saver Schemes (both for General and Senoir citizens) ROI p.a  9.25%

 

Terms :   Senior citizens:    Age- Completed age of 60 years.

NRE TERM DEPOSITS ( Senior citizen rate not applicable)

From 01-10-2013

PERIOD

Rate of Interest % p.a

1 Year & above and upto 2 years

9.50%

Above 2 Years but less than 3 years

9.25%

3 Years & above but less than 5 years

9.50%

5 Years & above upto 10 Years

9.00%

NRE Savings A/C: From 03-05-2011  rate of interest will be 4.00% P.a

Interest rates for FCNR (B) Deposits
for the period 01.10.2013 to 31.10.2013

PERIOD

USD

GBP

EUR

YEN

CAD

AUD

 SEK

SGD

1 Year and above but less than 2 Years

2.63

2.87

2.47

2.41

3.49

4.52

 3.33

2.39

2 Year and above but less than 3 Years

2.48

2.83

2.57

2.26

3.47

4.79

 3.56

2.58

3 Year and above but less than 4 Years

4.77

5.12

4.77

4.29

5.73

7.08

 5.82

4.90

4 Year and above but less than 5 Years

5.16

5.44

5.00

4.34

6.01

7.39

 6.11

5.25

5 Years only

5.53

5.71

5.24

4.41

6.24

7.61

 6.23

5.55

# Libor Rates as Declared  by FEDAI #
* Penal interest of 1 % for premature closure of Deposits

Note : FCNR (B) Deposits for 3 years & above will have a minimum lock in period of one year

 

 

 

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